5 Jan 2015
GBP/USD resumes the decline
FXStreet (Córdoba) - GBP/USD resumed the slide ahead of the New York opening, after the recovery from multi-month lows was capped by the 1.5320 zone, putting the pair back under pressure.
The pound has fallen to fresh session lows sub-1.5300 and continues to move toward its 16-month low of 1.5180 scored at the weekly opening. GBP/USD has dropped almost 100 pips from daily highs and it is currently trading at 1.5220, down 0.72% on the day.
Below expectations UK construction PMI didn’t help the cause, with the December index falling to 57.6 versus 59.00 expected.
GBP/USD technical outlook
“A long term ascendant trend line coming from 1.3501 January 2009 monthly low, stands around 1.5200 this week, becoming a critical support and probable short term bearish target in the case 1.5240 gives up”, said Valeria Bednarik, chief analyst at FXStreet. “Further declines below 1.5200 should lead to a continued slide over the upcoming sessions towards the 1.5000 figure”.
Bednarik notes the immediate resistance comes at 1.5320 “with an advance above it probably supporting an upward corrective movement up to the 1.5360 price zone”.
The pound has fallen to fresh session lows sub-1.5300 and continues to move toward its 16-month low of 1.5180 scored at the weekly opening. GBP/USD has dropped almost 100 pips from daily highs and it is currently trading at 1.5220, down 0.72% on the day.
Below expectations UK construction PMI didn’t help the cause, with the December index falling to 57.6 versus 59.00 expected.
GBP/USD technical outlook
“A long term ascendant trend line coming from 1.3501 January 2009 monthly low, stands around 1.5200 this week, becoming a critical support and probable short term bearish target in the case 1.5240 gives up”, said Valeria Bednarik, chief analyst at FXStreet. “Further declines below 1.5200 should lead to a continued slide over the upcoming sessions towards the 1.5000 figure”.
Bednarik notes the immediate resistance comes at 1.5320 “with an advance above it probably supporting an upward corrective movement up to the 1.5360 price zone”.